Current News

by Bruce Lisman Vermont’s budget process is broken. Year after year spending rises more than the economy expands, the Governor and Legislature search around at the last moments for tens of millions of dollars in higher taxes and fees, with hard-working Vermonters pay the price. Over the past five years Governor Shumlin has overseen an increase in taxes, fees, and surcharges of more than $640 million, a staggering 23 percent increase for a state of Vermont’s size and declining population. For the typical family of four, this means that nearly $4,000 a year more are taken from family budgets.  This money could have gone to college tuition, savings, or just paying the bills but instead is taken and put into state coffers.

This year there is another budget gap which we are told will require up to $48 million in new taxes and fees. Enough is enough.

Agency of Natural Resources The recent passage of Act 64, the Vermont Clean Water Act, is a game-changer for Vermont, providing additional tools and resources to support comprehensive water quality planning and remediation. The Agency of Natural Resources (ANR) will take steps towards developing concrete plan for each of Vermont’s watersheds to effectively direct all available resources towards reducing pollution in rivers, streams, ponds and lakes.

Public Assets Institute Vermont lost about 300 non-farm payroll jobs in February. But despite earlier losses in the leisure and hospitality sector due to the snowless winter, jobs overall last month numbered 5,000 more than in the previous February. Since the start of the recession in 2007 Vermont has seen an increase in service sector jobs and a decline in production jobs.

Vermont Business Magazine Nine holes on Stratton Mountain Resort’s championship golf course are set to welcome golfers on April 15, 2016, nearly a month earlier than typical opening day. While the mild winter proved challenging for snowmakers, it was paramount in preserving the golf course greens, according to Head Golf Professional Matthew McPhillips. Nine holes will kick-off the golf season on April 15, with nine additional holes projected to open April 30, and the entire 27-hole course planned to open for golfers by the second weekend in May.

Vermont Business Magazine Test results received today from a municipal well in Pownal show levels of PFOA that are slightly above the advisory level set by the Vermont Department of Health. Three samples taken from the Fire District #2 municipal water source in Pownal – which serves up to 450 residents – showed PFOA levels of between 26 and 27 parts per trillion (ppt). Those results are slightly above an advisory PFOA level of 20 ppt that has been set by the Department of Health. Water buffalo filling stations are expected to be available at 4 pm Friday. A community meeting is scheduled for Monday, March 28, at 6:00 p.m. in the American Legion Hall. Vermont DEC and Health officials and others will be on hand to answer questions. If residents have questions or concerns or need water because they are connected to the Pownal Fire District #2 supply, they should call 2-1-1. Because the results indicated PFOA levels slightly above the advisory level, the Department of Environmental Conservation (DEC) is advising impacted residents to stop drinking the water.

Vermont Business Magazine Mary Cohen, a longtime NeighborWorks and community leader, was appointed Wednesday to be interim Executive Director of the Rutland Region Chamber of Commerce, effective April 1. The appointment was made during a Board of Directors’ retreat that examined the chamber’s strengths, weaknesses and future, and fills the position left vacant by the resignation of Tom Donahue.

“Mary will provide stable, proactive and energetic leadership to the Chamber staff and the Chamber as a whole while the board determines its course for the long-term,” President Dave Correll said.  “Her willingness to step in quickly will ensure we have professional leadership in place immediately, through this transition period.”

“This will allow the board ample time to thoughtfully consider a variety of options on the table to ensure we do what is best for our members and the vitality of the region.”

Vermont Business Magazine Even while the unemployment rate in February showed no change from last month, the overall news was generally positive, with a greater labor force, more employed and fewer jobless. The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for February was 3.4 percent. This represents no change from the revised January rate (3.4 percent).

Vermont Business Magazine The regional electric grid operator has released its annual report and identified the many challenges obvious to many observers: too much reliance on natural gas, on the one hand, while on the other great strides have been made in energy efficiency. ISO New England's 2016 Regional Electricity Outlook, an annual report on the state of New England’s power system, reviews the innovative solutions ISO and regional stakeholders are pursuing to ensure reliable electricity for the region’s homes and businesses—today and into the future. In particular, the report highlights that natural gas pipeline development is out of step with demand.

Vermont Business Magazine An enduring and strong commitment to social justice and public service at Saint Michael’s College will be exemplified at this year’s Commencement ceremony by the College’s choice of speaker and honorary degree recipients. Dr Frederick M (Skip) Burkle, a 1961 Saint Michael’s graduate whose extraordinary career advancing global health initiatives earned him an honorary degree from the College in 2009, will return to be this year’s Commencement speaker for the ceremony on Sunday, May 15 at 10 a.m. in the Ross Sports Center.

Vermont Business Magazine The Brattleboro Development Credit Corporation (BDCC) has convened a group of Windham Region manufacturers for the first ever Southern Vermont Business Roundtable. The Roundtable meetings are divided into industry specific working groups, and designed to support workforce needs, as well as identify any existing programs and resources that will help recruit, train, or retain new and incumbent workforce.

Vermont Business Magazine Sentinel Asset Management, Inc, part of the National Life Group based in Montpelier, announced Thursday that it has signed the UN-supported Principles for Responsible Investment, known as PRI. The PRI initiative is recognized as the leading global network for investors and financial industry participants who are committed to integrating environmental, social and governance considerations into their investment practices and ownership policies.  

“We are delighted to welcome Sentinel Asset Management to the PRI,” said Fiona Reynolds, managing director. “They have long demonstrated a commitment to ESG and sustainability issues and are an excellent example of investment managers who understand that taking a long-term view of the market, which looks at ESG considerations, can lead to attractive returns for investors.”

Vermont Business Magazine The two Vermont hospitals in the University of Vermont Health Network wound up with $28.9 million more in revenue than expected for fiscal year 2015 and are seeking approval from the Green Mountain Care Board to direct approximately $15 million of that to support community partners serving the most vulnerable and complex patients. Part of the excess funds would also bolster state efforts to change the way health care is paid for and delivered. The additional revenue resulted from providing more patient care than anticipated in the state-approved budget for FY15. Increased patient load was attributed to increased insurance coverage through Vermont Health Connect and the Medicaid expansion and the relatively ineffective flu vaccine from 2015. The Health Network will address the remainder of the budget adjustment – $14 million – as part of its FY 2017 budget submissions to the GMCB, looking to continue its trend of reducing rate requests to commercial insurers.